Lucid Motors (LCID, Financial) shares soared 10% on Friday and ended at $2.3 as the EV manufacturer started the production of the second model, Gravity SUV, at its facility in Arizona. This represented the largest trading market for the Lucid shares since its trading activity in November last year, with 150.3 million shares traded, surpassing the three-month rolling average of 55 million as shown by Weibull statistics.
Nevertheless, Lucid's shares are still lower by about 45% for this year but rebounded from the 15 November low by almost 20%. The company's market value is just under $7 billion in today's market.
Electric car maker Lucid disclosed that it delivered 712 cars in the United States in November, 45% up yearly and 6.3% higher than in October. During the company's third-quarter earnings call, it maintained its annual production forecast of 9,000 units.
Chief Executive Officer Peter Rawlinson said that the Gravity SUV is five times larger than the total addressable market as the Air luxury sedan. However, there has yet to be a confirmation on when the company will start delivering the Escalade model in the United States.
In related news, Lucid's European managing director, Alexander Lutz, has left the company. Lawrence Hamilton, who previously worked for Hyundai's luxury division Genesis in Europe, will take his place.
